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Strategic Energy Fund 'TSX:SEF.UN' Cash and Exchange Offer Raises Total Gross Proceeds of $171,400,002 after Exercise of Over-Allotment for $21,400,002

TORONTO, ONTARIO and CALGARY, ALBERTA--(CCNMatthews - Sept. 21, 2005) - Strategic Energy Management Corp. today announced that Strategic Energy Fund (the "Fund")(TSX:SEF.UN) has issued an additional 1,522,006 trust units for gross proceeds of $21,400,002 pursuant to the exercise by the agents of their over-allotment option in connection with the recently closed cash and exchange offer (the "Offering").

Gross Proceeds

Including the over-allotment option, the total gross proceeds of the Offering are $171,400,002.

Strategic Energy Fund

Strategic Energy Fund is an investment trust that seeks to provide Unitholders with superior rates of return through a diversification strategy focused on investment opportunities within the Canadian energy sector. The Fund invests in established companies as well as early-stage energy companies and to a lesser extent special energy issuers, each with prospects for high growth in the near to medium term and the potential for long-term capital appreciation.

Sentry Select Capital Corp.

The Investment Advisor of the Fund is Sentry Select Capital Corp., which is a wealth management company with gross assets under management in excess of $7 billion, including more than $1.4 billion in energy sector-related investments.